Transfer/sale of used motor vehicles for a consideration at wdv,Rate of Tax ? Marginal scheme applies? can recipient avail ITC ?

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....ransfer/sale of used motor vehicles for a consideration at wdv,Rate of Tax ? Marginal scheme applies? can recipient avail ITC ?<br> Query (Issue) Started By: - SSOE SSOE Dated:- 15-10-2020 Last Reply Date:- 17-10-2020 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>Sir/madam, I explained my issue with a practical instincts Motor vehicles are purchased by supplier in VAT era, and also ITC....

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.... not availed, at present the referred vehicles are selling at WDV value + 5% margin sale or Transfer of motor vehicles (No.10) =63,00,000/- Depreciation taken as per IT act Wdv of 10 vehicles is 60,00,000/- Here my doubt is, valuation in case of sale of motor vehicle ? is margin scheme - i.e, Notification no.8/2018-central tax rate dated 25.01.2018 as per this notification tax is payable on....

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.... margin value (consideration received- wdv) rate of tax =18 % is this notification is applicable for sale of motor vehicle ? Suppose, if above notification doesnot applies , please specify the reason and also mention alternative implications , i.e, rate of tax, taxable value for GST implications Thanking in advance Regards Gowtham Reply By Rajagopalan Ranganathan: The Reply: Sir, In my vi....

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....ew you can sell the cars on payment of tax @ 18% (as per Notification No.8/2018-CT(Rate) dated 25.1.18 on the transaction value. The difference between the purchase price and selling price is for the purpose of valuation only. If the difference is negative then you need not pay any tax. Reply By KASTURI SETHI: The Reply: In the above scenario, Notification No.8/2018-CT(Rate) dated 25.1.18 is app....

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....licable for the sale of old and used motor vehicles.<br> Discussion Forum - Knowledge Sharing ....